Benchmark: Coinbase's weak profits and stock price decline are 'irrelevant from a global perspective'

According to a report by Golden Finance, after cryptocurrency exchange Coinbase revealed a 26% decline in revenue compared to the previous quarter, the company's stock price plummeted by over 15% on Friday. The spot trading volume and revenue for this fiscal quarter have also declined. Despite traders selling off the stock, an analyst said that the second quarter financial report was "just a disturbance" that obscured the fact that Coinbase is building a complete cryptocurrency ecosystem. Total revenue decreased by 26% year-on-year, trading revenue shrank by 39%, and cryptocurrency spot trading volume fell by over 30% compared to the first quarter. The total transaction volume for this quarter was $237 billion, compared to $226 billion for the same period in 2024. At the same time, Coinbase achieved a net profit of $1.43 billion. Benchmark analyst Mark Palmer wrote in a report sent to clients on Monday: "What caused the stock price to fall was the 'noise' of weak short-term operational data from the company, while the real 'signal' was that the various components of its digital asset platform were gradually integrating, laying the foundation for future income growth. Therefore, 'buying on dips' is a very reasonable choice now." The institution listed five reasons and advised traders and investors to ignore the stock's decline.